Shares in News Corporation have shaken off a critical report by MPs into the roles of Rupert and James Murdoch in the phone hacking affair, edging higher in early trading in New York.

The select committee report said Rupert Murdoch was "not a fit person" to exercise stewardship of a major international company, which casts a shadow over not only News Corporation but also its stake in satellite broadcaster BSkyB.

But News Corp shares are currently nearly 0.5% higher at $19.70. BSkyB meanwhile is up 8p at 686p. UK regulator Ofcom is conduction an investigation into whether News Corporation's management are fit and proper owners of a UK broadcaster.